Dec 7, 2012 4:30pm PST
. the materials and financials gained 0.08%. the energy sector was up 0.07%. technology was the big drag, thanks once again to apple. over the past week apple has gone from almost $600 per share to $533, down about 9%. with the sell-off apple is about $8 above its most recent low from mid-november. there are several theories behind apple's stock drop: profit taking, disappointment over no special dividend, and more fundamental concerns about its business growth. two other big techs under some pressure today. microsoft fell 1%. it's just pennies ove its low for the year. cisco systems fell 0.07%. the firm repeated today its previous earnings growth forecast. big banks were on the upswing with the further improvement in the job market, and ahead of next week's federal reserve meeting as expectations build for more economic help. j.p. morgan jumped 2.6%, it's highest price since early november. bank of america added another 1.8% to an 18 month high. a big global energy deal is one step closer tonight. late today canada okayed the buyout of nexen energy by chinese energy giant c-nooc. this is a $15.
Dec 5, 2012 4:30pm PST
that getting into the energy business doesn't mean the company is turning its back on mining. under the deal, freeport will pay $6.9 billion for plains exploration and production and $2.1 billion for mcmoran exploration, a sister company it was separated from a couple of decades ago. the deal would also leave freeport with $20 billion of debt. freeport executives say getting into oil and natural gas would elp diversify the company and keep more of its assets in north america, where there's a huge shale gas boom. they estimate by next year freeport will derive a little more than a quarter of its profits from energy and the rest from mining, versus 100% from mining today. the company says it thinks demand for commodities, especially energy, will continue to grow. that could help offset the increased difficulty mining companies are having trying to find new projects in regions outside the u.s. and with interest rates currently at historic lows, the timing was right to ink the two deals. diane eaabrook, "n.b.r., chicago. >> tom: daniel rohr is a metals and mining analyst from morningstar and joi